Antigua Asset Protection Laws Drafted by Rubinstein & Rubinstein Become Effective01/28/2009
New York, NY - January 26, 2009 -- On January 17, 2009, the Antigua International Trust Act, International Foundations Act and International LLC Act, having earlier been passed by the Parliament of Antigua & Barbuda and signed by the Governor-General, were published as law in Antigua's official gazette, thereby becoming effective The publication of the advanced asset protection, trust and foundation laws, which were drafted by the New York law firm of Rubinstein & Rubinstein, LLP (now part of Gallet Dreyer & Berkey), firmly establishes Antigua and Barbuda as the premier jurisdiction for international asset protection and asset security in the world.
The new laws make it nearly impossible for foreign creditors to reach assets protected by Antiguan trusts or foundations. A creditor must first win a foreign judgment, then re-litigate the claim anew in Antigua and pay a fee to the Antiguan court. Contingency fees are not permitted. The new laws include very short statutes of limitations, which only allow the creditor to file a claim within two years from the original cause of action or one year from execution of the trust or foundation instrument. The new laws also create an arduous standard of proof, which limits a creditor's ability to prove fraudulent conveyance claims.
The new laws also contain strong protections against asset repatriation, along with anti-alienation and spendthrift provisions, which prevent foreign courts and creditors from reaching assets protected in Antigua. According to Kenneth Rubinstein, the New York attorney who drafted the legislation, unlike any other jurisdiction, anti-duress provisions are explicitly built into the Antiguan statutes, prohibiting an Antiguan trustee from honoring any request made pursuant to foreign court order or other compulsion. This provides a clear defense of impossibility to any threatened contempt citation. These laws also do not recognize foreign marital rights or forced heirship rights, which ensures that only specifically designated beneficiaries will receive assets.
The new laws balance regulation of trust and corporate service providers with tight confidentiality and absolute asset protection. Antiguan trustees and corporate service providers are carefully regulated by the government of Antigua, and are insured and bonded, which ensures client security and protection. At the same time, Antiguan trustees and corporate service providers are prohibited from disclosing any information about trust, foundation or corporate activities and assets, except pursuant to treaties covering government investigation of serious crime. Unlike in Switzerland, the Cayman Islands and other once-confidential jurisdictions, Antigua now offers the highest level of international confidentiality.
The Antiguan laws offer the world's most secure and confidential environment for international asset protection, wealth preservation and tax minimization.
For more information about Gallet Dreyer & Berkey's legal services, including domestic and international asset protection, wealth preservation and tax planning, please visit www.gdblaw.com.